The Legal 500

London: Finance

Securitisation

Within: Leading individuals

Michael Lorraine - Simmons & Simmons

Within: Securitisation

Simmons & Simmons is praised for providing 'a commercial approach that is always perfectly aligned with clients' needs'. The firm has an impressive list of buy-side and sell-side clients that includes leading investment banks, asset managers, governments, supranational clients and emerging fintech companies. Among these are ABN AMRO Bank, Banca IMI, Lloyds, Macquarie Group, Deutsche Bank, the European Investment Fund and Morgan Stanley. Its recent work includes a number of market firsts, such as Greensill Capital's establishment of a $20bn secured note programme backed by payment obligations. Michael Lorraine led the development of this bespoke repackaging platform and 'combines detailed understanding of complex legal issues with an ability to develop bespoke legal structures'. Partner Amer Siddiqui has quickly become a standout name in the practice; one client notes that he is 'involved and up-to-speed at all times and is able to offer valuable advice when needed'. He acted for Bank of America Merrill Lynch and Citigroup as joint arrangers and lead managers on a £1.6bn securitisation of non-conforming residential mortgage loans by The Co-operative Bank. Structured capital markets partner David Toole, banking partner James Bresslaw and financial regulatory expert Penny Miller are also recommended.

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Trade finance

Within: Trade finance

Simmons & Simmons has 'strong experience and a deep level of knowledge across the firm that is invaluable'. The London office has a full-service offering in this practice area and its work includes structured trade and commodity finance, accounts receivables and supply chain finance, ECA finance, regulatory matters and Islamic finance structures. Its ability to handle groundbreaking transactions was highlighted in 2017 by its work for Greensill Capital, which included the establishment of a $20bn secured note programme. This bespoke platform serves to facilitate the repackaging of financial assets and receivables. Securitisation partner Michael Lorraine and banking partner Omar Al-Ali led the transaction and acted for Castleton Commodities in a $3.6bn borrowing base facility. Practice head John Sayers  'has sound market knowledge and is recognised as a leader in trade and structured trade finance'; he advises on a broad range of bilateral, syndicated and structured lending in both developed and developing markets. Mainstream Renewable Power is among his clients.

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London: TMT (technology, media and telecoms)

Fintech

Within: Fintech

The 'extremely professional, thorough and prompt' team at Simmons & Simmons has 'great strength in depth' and leaves clients 'delighted with the quality of its service'; it leverages the firm's strengths in asset management, investment funds, financial services and technology to provide excellent fintech advice across the board, though peer-to-peer lending is an area of particular strength. 'Outstanding' group head Angus McLean advised the British Business Bank on regulatory matters, mostly involving assessing the suitability of finance platforms to which small and medium-sized enterprises would be referred. Other areas of fintech experience include AI, payments, regtech, insurtech, blockchain, cryptocurrencies and robo-advice. On the transactional side, Piers Summerfield assisted LendInvest with establishing its £500m EMTN programme, Isabella Roberts advised Fidante Partners Europe as bookrunner on Augmentum Fintech's £125m IPO, and Patrick Graves acted for Metro Group on its £12m investment in Yoyo Wallet. In dispute resolution, Patrick Boylan represented Capco as plaintiff in commercial litigation; the £100m case accused numerous defendants of economic torts, copyright infringement and corporate wrongdoing. Other recommended partners include financial services regulatory experts Penny Miller and Mahrie Webb, and asset-backed finance and securitisation specialist Michael Lorraine. Technology expert George Morris made partner in 2018.

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